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FinanceAsia names Banco de Oro ‘best Asian bank’ for 2013

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MANILA, Philippines—Banco de Oro Unibank has been named “best Asian bank” for 2013 by FinanceAsia, a Hong Kong-based magazine that specializes in banking,  finance, economic and business news and analyses.

BDO was chosen from a short list that included  ICBC (China), HDFC (India), Bank Central Asia (Indonesia), Shinhan Financial (Korea), Public Bank (Malaysia), DBS (Singapore), CTBC (Taiwan) and Siam Commercial Bank (Thailand).

FinanceAsia announced in a newsletter on Friday that BDO had broken the winning streak for Malaysia’s Public Bank, which won the award for the last three years.

“It represents the first time FinanceAsia has given this award to a Philippine bank, reflecting the rise in fortunes of the country, notably its improved credit rating,” the newsletter said.

FInanceAsia said the award was determined by ranking the winners of ‘best bank’ in each market on several criteria, with data provided by SNL Financial. The criteria included year-on-year change in profitability, net interest margin, loan-to-asset ratios, return on equity, price-to-book ratios, non-performing loan levels and analyst ratings, as well as credit ratings.

“BDO Unibank performed especially well in profitability and loans to assets,” FinanceAsia said.

BDO posted a record-high first semester net profit of P14.1 billion, more than double the level posted in the same period last year, as unprecedented trading gains complemented growth in interest earnings. With earnings for the period already representing more than two-thirds of its P20.4 billion forecast for 2013, the bank is optimistic of hitting its year-end targets.

Other “best banks” in FinanceAsia’s roster this year include Brac Bank (Bangladesh) and Vietcombank (Vietnam) but the magazine said it lacked sufficient data to make the same type of comparison with those short-listed for the awards. Meanwhile, it said HSBC (best bank in Hong Kong under FinanceAsia’s country awards) was excluded from the competition on the basis of being a global, London-listed institution.

This year’s Country Awards dinner was held by FinanceAsia at Fort Canning Hotel in Singapore on Thursday.

BDO is the largest bank in the Philippines, with assets exceeding P1 trillion. It also has the biggest loan portfolio, deposit base and capital.  It is chaired by Teresita Sy-Coson while the president is Nestor Tan.

FinanceAsia is a leading source of finance, investment banking, economic and capital markets news for those involved in corporate finance, banking, asset management and market regulation.


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Tags: Asian Bank , Banco de Oro , Banco de Oro Unibank , Banking , BDO , FinanceAsia

  • Iggy Ramirez

    With the awarding of a used-to-be prestigious “Best Asian Bank” to Banco de Oro, the FinanceAsia has altogether lost its credibility.

    Imagine bestowing the highest award to a bank that had accounts hacked and funds stolen in two separate occasions. A bank that does not allow transfer of funds to other banks. A bank that restricts all other uses outside its own network, and a myriad of other atrocities, especially useless call center services, whose employees treat concerns like stupid jokes.

    Look at the comments here. Not even one had the nicest things to say about this joke of a bank. And how frustrated and infuriated people can be to even force themselves to write anything, even bad, about this utterly terrible bank.

  • eight_log

    It’s mostly OFW monies flowing to BDO and spent by Henry Sy COLLATERAL AND INTEREST FREE!!!!

  • disqus_F7NxgCOapC

    D best talaga saan ka ba nakakita ng bangko… depositor kana pag nagbalance inquiry ka may bayad pa… ilan bang ang empleyado ng kompanya ni Henry Sy… at lahat sila payroll BDO.. withdrawal na lang may bayad din.. tiba-tiba talaga…

  • carlcid

    With ASEAN integration, Philippine banks face big challenges because our banking system is still so puny compared to our ASEAN neighbors. Size does matter, and BDO, the largest Philippine bank, does not even rank among the top 20 banks in the ASEAN region in terms of size.

    • Iggy Ramirez

      And it won the best bank in Asia.

      Surprise!

  • Mark

    Have them open regular accounts with BDO and they’ll take back the award faster than it was given away.

    • ThisGuy

      And what’s wrong with BDO?

      • carlcid

        Service is not really among the best, even among Philippine banks.

      • Guest

        How so?

        I was just thinking of opening an account there.

      • Iggy Ramirez

        What’s wrong with you?

      • ThisGuy

        I just read your previous post. That’s the answer I’m looking for.

      • Iggy Ramirez

        Sorry. I thought you were here to defend the bank.



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